Cincinnati Homes For Sale

Based on November's statistics, it looks as if the real estate slump will indeed extend into a fourth year while worsening the economy's recession.

In November, prices dropped by the most on record.  Previously owned home sales also fell more than forecasted.

Purchases fell to an annual rate of 4.49 million, down from a rate of 4.91 million in October for a decline of 8.6%.On top of this, the median sales price dropped 13.2% (down to $181,300)...or the biggest drop since records started being kept in 1968.

As job losses destroy home demand, prices will continue to plummet.  Couple this with the addition of foreclosed properties to the nation's supply and the reality that buyers are being turned away by mortgage lenders, and we have a situation that will extend well into 2009.

Short sales and foreclosures combined for 45% of the past month's home purchases.  This figure is staggering.  The Midwest's sales decline was slightly better than the national average, however it was still a 7.4% decline.

Earlier in December, President-elect Barack Obama said he plans to develop a way to limit foreclosures in an effort to "dramatically increase the number of families who can stay in their homes."  One-tenth of United States families who own a home are in financial distress.